The government is ready to push ahead with its plan to bailout the Long-Term Bank of Japan with public funds whether the opposition parties like it or not, Chief Cabinet Secretary Hiromu Nonaka indicated at a press conference Tuesday.
Although the government wants and will continue to seek opposition approval to inject taxpayers funds into the depleted bank, Nonaka said the government may take the matter into its own hands if consent is not reachable in a timely manner. However, the opposition parties have been pushing both the government and the ruling Liberal Democratic Party to go ahead with the plan and take full responsibility for it.
If the government makes good on its threat, the action may also affect other Diet debate on key bills being prepared for stabilizing the financial system.
Nonaka suggested that the public bailout could be arranged before the Diet enacts legislation aimed at cleaning up the banking system's bad-loan mess.